Launched in 2011, MyBucks is currently operating in 11 African countries where it offers financial services driven by technology.
The company’s Deputy CEO Tim Nuy recently visited Chicago to attend The Economist Innovation Summit. He offered his thoughts on the prospects of business on the continent.
Nuy is impressed with the development recorded in the last five years, saying the market provides a sufficient base for growth.
“I think there is nothing that stops MyBucks from becoming a billion-dollar company in the next five years. You know the sky is the limit and what we do is we build a machine that can process credit efficiently and the more money it converts, the more we stimulate growth,” he says.
Zambia, South Africa, Swaziland, Namibia, Botswana, Malawi, Zimbabwe, Mozambique, Uganda, Tanzania and Kenya are just some of the countries the company is operating within.
Nuy says its current operation in sub-Sahara Africa is a deliberate effort in order to focus on a region with a similar regulatory regime that allows easier scalability of its platform.
Outside the continent, MyBucks also hosts presence in Australia, Asia and Eastern Europe, with its headquarters housed in Luxembourg.
Among its chief services include mobile banking, credit reports, credit education, income protection, financial budgeting and emergency coverage, which is provided through its insurance program.
“Our scalability is up and right now, we plan to be the consumer bank of choice in emerging markets. We want to continue applying growth; MyBucks is as an emerging market digital bank, focused on consumers in the wider sense of the world, ranging from the private individual to the small hold farmer and the micro entrepreneur.
We offer digital financial services through lending, banking and insurance. We’ve recently entered Australia with a long term view of Asian expansion venturing into the Philippines, Indonesia and similar countries.
“I think the greatest thing about technology is that it is easily scalable and applicable throughout jurisdictions. Our vision is really to capture lifetime revenue and offer lifetime financial solutions to our customers,” he says.
Nuy is delighted with the amount of expansion and growth the company has so far made, stressing this only goes to show the vision and dedication the team has committed to providing quality services is proving fruitful.
“I think we have really done a tremendous job of creating a free and inclusive financial service space for our client. You will see a lot of things that focus on perfecting a selective service, well ahead of competition,” says Nuy.
While thriving in its formative years, the terrain has not been without challenge, but MyBucks is overcoming these hurdles.
“The biggest challenge in Africa is usually enhancing digital and financial literacy and making sure people understand that you don’t have to travel two hours to get to the ATM.
“So, it is actually client education that will play the biggest factor in increasing our growth from our perspective. But then I think we are well ahead of our local competitors in all the African markets and have partnered with a U.S. enterprise, Opportunity International, to expand the reach of such relevant literacy programs,” he explains.
Nuy says the Zambian market has also responded very well, with the enterprise having only had a presence for 24 months.
“We are very excited about the potential in Zambia; the market is really ready for us and we really believe we can make a difference,” he says.
With such potential and ability to expand in thriving African economies, MyBucks is hoping to deliver on its goal of providing a basket of financial products that meets the financial needs of its customers throughout all geographies, using technology matched with determination.